Bancorp of New Jersey, Inc. (BKJ) has reporteda 49.93 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $0.68 million, or $0.11 a share in the quarter, compared with $1.36 million, or $0.22 a share for the same period last year.
Revenue during the quarter dropped 14.36 percent to $5.04 million from $5.89 million in the previous year period. Net interest income for the quarter rose 6.92 percent over the prior year period to $6.16 million.
Bancorp Of New Jersey has made provision of $1.12 million for loan losses during the quarter, compared with a negative provision of $0.12 million in the same period last year.
President and chief executive officer Nancy E. Graves commented: "We are pleased with our commercial loan portfolio growth and our strong pipeline. Additionally, we are focused on increasing the commercial checking accounts in our core deposit mix, which is lowering our cost of funds." "The increase in noninterest expense, net, is due to initiatives undertaken by management which require increased investments in consulting, legal, and risk management systems" stated CEO Graves. CEO Graves stated "The majority of the increased provision was related to a single commercial loan which was placed on non-accrual, with an accompanying loss. Our asset quality remains strong."
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